It’s not surprising that the insurance business, one of the world’s oldest industries, has long been leery of risk-taking when it comes to business processes and operations. However, today it is imperative that large insurance companies relinquish the decades-old status quo, adapt, and transform largely manual processes in favor of digitization. If they don’t, they may well find themselves losing out to faster, more agile start-ups willing to adopt and utilize new technology.

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